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2023-05-31-accounts

VirtualSignature Transaction Ref. TL6R-GZ93-Y75Q 27 Feb 2024 14:43:36 GMT (UTC +0) D 2/3 P 1/22

Company registration number: 07267448 Charity registration number: 1138239

BLYTH TALL SHIP

(A company limited by guarantee)

Annual Report and Financial Statements

for the Year Ended 31 May 2023

VirtualSignature Transaction Ref. TL6R-GZ93-Y75Q 27 Feb 2024 14:43:36 GMT (UTC +0) D 2/3 P 2/22

Blyth Tall Ship

Contents

Reference and Administrative Details 1
Trustees' Report 2 to 5
Independent Examiner's Report 6
Statement of Financial Activities 7
Statement of Financial Activities 8
Balance Sheet 9
Notes to the Financial Statements 10 to 20

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Blyth Tall Ship

Reference and Administrative Details

Trustees

Prof R W Birmingham A S Todd A L Quinn E O'Connor R Brown E J Fletcher S A Hall J Oates

Secretary C Gray Key Management Personnel C Gray, Chief Executive J Bell, Boat Builder Principal Office Port Training Services Quay Road Blyth NE24 3PA The charity is incorporated in England and Wales.

Company Registration Number 07267448 Charity Registration Number 1138239 Bankers Unity Trust Bank plc Customer Service Centre 9 Brindley place Birmingham B1 2HB Independent Examiner Simon Brown BA ACA DChA Azets Audit Services Bulman House Regent Centre Gosforth Newcastle upon Tyne NE3 3LS

1

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Blyth Tall Ship

Trustees' Report

The trustees, who are directors for the purposes of company law, present the annual report together with the financial statements and auditors' report of the charitable company for the year ended 31 May 2023.

Structure, governance and management

Nature of governing document

The charity is controlled by its governing document, a deed of trust and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006. The Memorandum and Articles of Association are dated 27th May 2010 and last amended on 7th September 2010, with the charity gaining registered charitable status on 4th October 2010.

Recruitment and appointment of trustees

Appointments of trustees were made from the long term executive team when the charity was formed. The appointments were from those prepared to volunteer and were based upon a mix of business educational skills. New trustees will be invited to join the board based on their skills and cultural fit, usually after a strategic and governance decision to bolster the board in particular areas or when existing Trustees move on.

Risk Management

The trustee have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.

Objectives and activities

Objects and aims

The charity's objectives are restricted to the following:

  1. To advance the education of the public in the historical and maritime heritage of Blyth and the coast of Northumberland in particular but not exclusively through the provision of:

a. volunteering, training and employment opportunities for people of all ages, in particular but not exclusively in the field of sail training, maritime, engineering, renewable energy, tourism and cultural activities

b. a harbour side boat building and repair facility and associated services including its maintenance, for the public appreciation and utility.

  1. To act as a resource for young people living in the North East of England by providing advice and assistance and organising programmes of physical, educational and other activities as a means of: a. advancing in life and helping young people by developing their skills, capacities and capabilities to enable them to participate in society as independent, mature and responsible individuals b. advancing education

c. relieving unemployment

d. providing recreational and leisure time activity in the interests of social welfare for people living in the area of benefit who have need by reason of their youth, age, infirmity of disability, poverty or social and economic circumstance with a view to improving the conditions of life of such person

2

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Blyth Tall Ship

Trustees' Report

Fundraising policy

The charity is required to report how it deals with fundraising from the public. The charity does not use a professional fundraiser or commercial participator to raise funds. Any monies raised direct from the public follows all guidelines set out by the Charity Commission and UK law in every respect. We respect the privacy and contact preferences of all public donors.

Public benefit

The trustees confirm that they have complied with the requirements of section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales.

Achievements and performance

The board were pleased to come out of COVID lockdowns with the charity able to retain its specialist skills and win a COVID recovery grant from the NLHF to deliver well-being Heritage Skills courses to support the local area in getting over the disproportional effects of lockdowns on deprivation areas. It is recognised that there was, however, quite a backlog of expenses required to be spent to bring the ship and workshop back into full use before we started and this has eaten into our reserves. The charity has however been able to launch fund-raising voyages aboard the Williams II to start to replace free reserves and has been very successful in improving well-being (measured over multiple indicators by research by Newcastle University) for hundreds of local people. This positivity enabled four new board members with skills in commercialisation, digital marketing and community development to support the strategic development of the charity. The board are thus confident that this important work can be continued as we develop further self-sustainability models for courses and visitors (supported by the levelling up expenditure in the town) to rebuild reserves and enable core costs to be coved long term as this presents real opportunity to develop a sustainable model going forward.

3

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Blyth Tall Ship

Trustees' Report

Financial review

Policy on reserves

The calculation of free reserves is based on the definition included in the charity statement of recommended practice (SORP), which provides recommendations for accounting and reporting for charities. The trustees have examined the requirements of the charity to hold free reserves - those reserves not invested in tangible fixed assets, excluding long term liabilities, or designated for a particular purpose. The Trustees considered it would be appropriate to hold the equivalent of three months running costs, which would equate to holding a range of approximately £70,000 - £100,000 in free reserves to deal with the hypothetical situation of any unplanned closure.

At the year end, free reserves were £33,153 (2022: £90,752), an decrease of £57,599 in the year. The trustees realise this position to be below satisfactory, however they will continue to work with grant funders on a project by project basis to continue to improve this position.

Principal funding sources

Currently the charity is funded using restricted grant funding, which is applied against the projects for which the grants are given. The charity must then commit to using a percentage of its own funds to attract further restricted funding. As a result the running costs of the charity currently comprise these 'matched funding' costs together with the governance costs of running the charity.

Key Management Personnel

The board, who give their time freely and no trustees received remuneration in the year, have considered who the Key Management Personnel (KMP) of the charity, as noted in the Reference and Administration section. Together with the board, these KMP are those in charge of directing and controlling, running and operating the activities of the charity on a day to day basis. The pay of the KMP is reviewed annually and normally increased in accordance with average earnings. The trustees benchmark against pay levels of other charities and similar organisations within the sector and the region. Pay levels are set using this information together with the budget and forecast information, ensuring that the charity can afford any proposed increases. The board then agree any uplift to remuneration.

Going concern

The charity’s forecasts and projections for the next twelve months show that the charity should be able to continue in operational existence for that period, taking into account reasonable possible changes in trading performance. The charity has strong positive cash balances and is forecasting for this to continue to be the case.

4

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Blyth Tall Ship

Trustees' Report

Statement of Trustees' Responsibilities

The trustees (who are also the directors of Blyth Tall Ship for the purposes of company law) are responsible for preparing the trustees' report and the financial statements in accordance with the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) and applicable law and regulations.

Company law requires the trustees to prepare financial statements for each financial year. Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company's transactions and disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Disclosure of information to auditor

Each trustee has taken steps that they ought to have taken as a trustee in order to make themselves aware of any relevant audit information and to establish that the charity's auditor is aware of that information. The trustees confirm that there is no relevant information that they know of and of which they know the auditor is unaware.

Small companies provision statement

This report has been prepared in accordance with the small companies regime under the Companies Act 2006.

Reappointment of independent examiner

In accordance with section 485 of the Companies Act 2006, a resolution for the re-appointment of Simon Brown as examiners of the charity is to be proposed at the forthcoming Annual General Meeting.

The annual report was approved by the trustees of the charity on 27/02/2024.................... and signed on its behalf by:

Alan Todd 27 Feb 2024 13:50:35 GMT (UTC +0)

......................................... A S Todd Trustee

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Blyth Tall Ship

Independent Examiner's Report to the trustees of Blyth Tall Ship

I report to the charity trustees on my examination of the accounts of the charity for the year ended 31 May 2023 which are set out on pages 7 to 20.

Respective responsibilities of trustees and examiner

As the charity’s trustees of Blyth Tall Ship (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’).

Having satisfied myself that the accounts of Blyth Tall Ship are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity’s accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner’s statement

Since Blyth Tall Ship's gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of ICAEW, which is one of the listed bodies.

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:

  1. accounting records were not kept in respect of Blyth Tall Ship as required by section 386 of the 2006 Act; or

  2. the accounts do not accord with those records; or

  3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a ‘true and fair view' which is not a matter considered as part of an independent examination; or

  4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities [applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)].

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

Simon Brown 27 Feb 2024 14:43:35 GMT (UTC +0)

...................................... Simon Brown BA ACA DChA Azets Audit Services Bulman House Regent Centre Gosforth Newcastle upon Tyne NE3 3LS

27/02/2024 Date:.............................

Azets Audit Services is a trading name of Azets Audit Services Limited.

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VirtualSignature Transaction Ref. TL6R-GZ93-Y75Q 27 Feb 2024 14:43:36 GMT (UTC +0) D 2/3 P 9/22

Blyth Tall Ship

Statement of Financial Activities for the Year Ended 31 May 2023 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses)

Note
Income and Endowments from:
Donations and legacies
3
Charitable activities
4
Other income
5
Total Income
Expenditure on:
Charitable activities
6
Total Expenditure
Net (expenditure)/income
Transfers between funds
Net movement in funds
Reconciliation of funds
Total funds brought forward
Total funds carried forward
16		 Unrestricted
£
30,460
16,913
27,808
75,181
(138,606)
(138,606)
(63,425)
(4,481)
(67,906)
225,547
157,641		 Restricted
£
69,900
174,767
-
244,667
(211,399)
(211,399)
33,268
4,481
37,749
47,459
85,208		 Total
2023
£
100,360
191,680
27,808
319,848
(350,005)
(350,005)
(30,157)
-
(30,157)
273,006
242,849		 Total
2022
£
71,300
265,370
7,203
343,873
(303,561)
(303,561)
40,312
-
40,312
232,694
273,006

All of the charity's activities derive from continuing operations during the above two periods.

The funds breakdown for 2022 is shown in note 16.

7

VirtualSignature Transaction Ref. TL6R-GZ93-Y75Q 27 Feb 2024 14:43:36 GMT (UTC +0) D 2/3 P 10/22

Blyth Tall Ship

Comparative Statement of Financial Activities for the Year Ended 31 May 2022 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses)

Recognised Gains and Losses)
Note
Income and Endowments from:
Donations and legacies
3
Charitable activities
4
Other income
5
Total income
Expenditure on:
Charitable activities
6
Total expenditure
Net income
Transfers between funds
Net movement in funds
Reconciliation of funds
Total funds brought forward
Total funds carried forward
16		 Unrestricted
£
11,300
99,459
7,203
117,962
(79,448)
(79,448)
38,514
(12,193)
26,321
199,226
225,547		 Restricted
£
60,000
165,911
-
225,911
(224,113)
(224,113)
1,798
12,193
13,991
33,468
47,459		 Total
2022
£
71,300
265,370
7,203
343,873
(303,561)
(303,561)
40,312
-
40,312
232,694
273,006

8

VirtualSignature Transaction Ref. TL6R-GZ93-Y75Q 27 Feb 2024 14:43:36 GMT (UTC +0) D 2/3 P 11/22

Blyth Tall Ship

(Registration number: 07267448) Balance Sheet as at 31 May 2023

Note
Fixed assets
Tangible assets
12
Current assets
Debtors
13
Cash at bank and in hand
Creditors: Amounts falling due within one year
14
Net current assets
Net assets
Funds of the charity:
Restricted
Unrestricted income funds
Unrestricted
Total funds
16		 2023
£
124,488
43,538
91,953
135,491
(17,130)
118,361
242,849
85,208
157,641
242,849		 2022
£
134,795
54,362
101,330
155,692
(17,481)
138,211
273,006
47,459
225,547
273,006

For the financial year ending 31 May 2023 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements on pages 7 to 20 were approved by the trustees, and authorised for issue on 27/02/2024.................... and signed on their behalf by:

Alan Todd 27 Feb 2024 13:50:35 GMT (UTC +0)

......................................... A S Todd Trustee

9

VirtualSignature Transaction Ref. TL6R-GZ93-Y75Q 27 Feb 2024 14:43:36 GMT (UTC +0) D 2/3 P 12/22

Blyth Tall Ship

Notes to the Financial Statements for the Year Ended 31 May 2023

1 Charity status

The charity is limited by guarantee, incorporated in England and Wales, and consequently does not have share capital. Each of the trustees is liable to contribute an amount not exceeding £10 towards the assets of the charity in the event of liquidation.

The address of its registered office is: Port Training Services, Quay Road, Blyth, NE24 3PA

2 Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). They also comply with the Companies Act 2006 and Charities Act 2011.

Basis of preparation

Blyth Tall Ship meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.

The financail statements are prepared in sterling, which is the functional currency of the entity.

Going concern

The charity’s forecasts and projections for the next twelve months show that the charity should be able to continue in operational existence for that period, taking into account reasonable possible changes in trading performance. The charity has strong positive cash balances and is forecasting for this to continue to be the case.

Exemption from preparing a cash flow statement

The charity opted to adopt Bulletin 1 published on 2 February 2016 and have therefore not included a cash flow statement in these financial statements.

10

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Blyth Tall Ship

Notes to the Financial Statements for the Year Ended 31 May 2023

Estimation uncertainty and judgements

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimations and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

There are considered to be no significant judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies which effect the amounts recognised in the financial statements.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year as follows:

Depreciation is estimated so as to write off the cost of an asset, less its residual value, over the useful economic life of that asset. An estimate of the useful economic life of assets is detailed in the depreciation accounting policy

Income and endowments

All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of the income receivable can be measured reliably.

Donations and legacies

Donations are recognised when the charity has been notified in writing of both the amount and settlement date. In the event that a donation is subject to conditions that require a level of performance by the charity before the charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity and it is probable that these conditions will be fulfilled in the reporting period.

Grants receivable

Grants are recognised when the charity has an entitlement to the funds and any conditions linked to the grants have been met. Where performance conditions are attached to the grant and are yet to be met, the income is recognised as a liability and included on the balance sheet as deferred income to be released.

Expenditure

All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of resources.

11

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Blyth Tall Ship

Notes to the Financial Statements for the Year Ended 31 May 2023

Charitable activities

Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.

Support costs

Support costs have been differentiated between governance costs and other support costs.

Governance costs comprise all costs involving the public accountability of the charity and its compliance with regulation and good practice. These costs include costs related to the statutory audit and other costs with an apportionment of overhead and support costs.

Governance costs and support costs relating to charitable activities have been apportioned as set out in the Support Costs note.

Taxation

The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.

Tangible fixed assets

Individual fixed assets costing £100.00 or more are initially recorded at cost.

Depreciation and amortisation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class Depreciation method and rate Office equipment 20% straight line Plant and equipment 5% - 20% straight line

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

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Blyth Tall Ship

Notes to the Financial Statements for the Year Ended 31 May 2023

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the charity does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Fund structure

Unrestricted income funds are general funds that are available for use at the trustees's discretion in furtherance of the objectives of the charity.

Restricted income funds are those donated for use in a particular area or for specific purposes, the use of which is restricted to that area or purpose.

3 Income from donations and legacies

Donations and legacies;
Donations
Grants, including capital grants;
Grants
Donations and legacies;
Donations
Grants, including capital grants;
Grants		 Unrestricted
funds
General
£
10,460
20,000
30,460
Unrestricted
funds
General
£
11,300
-
11,300		 Restricted
funds
£
-
69,900
69,900
Restricted
funds
£
-
60,000
60,000		 Total
2023
£
10,460
89,900
100,360
Total
2022
£
11,300
60,000
71,300

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Blyth Tall Ship

Notes to the Financial Statements for the Year Ended 31 May 2023

4 Income from charitable activities

Performance-related grants
Training Provision
Performance-related grants
Training Provision		 Unrestricted
funds
General
£
-
16,913
16,913
Unrestricted
funds
General
£
50,739
48,720
99,459		 Restricted
funds
£
174,767
-
174,767
Restricted
funds
£
165,911
-
165,911		 Total
2023
£
174,767
16,913
191,680
Total
2022
£
216,650
48,720
265,370

5 Other income

Fees and supplies
Fees and supplies		 Unrestricted
funds
General
£
27,808
Unrestricted
funds
General
£
7,203		 Total
2023
£
27,808
Total
2022
£
7,203

6 Expenditure on charitable activities

Training
Governance Costs		 Unrestricted
General
£
137,755
851
138,606		 Restricted
£
208,459
2,940
211,399		 Total
2023
£
346,214
3,791
350,005		 Total
2022
£
299,859
3,702
303,561

In addition to the expenditure analysed above, there are also governance costs of £3,791 (2022 - £3,702) which relate directly to charitable activities. See note 7 for further details.

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Blyth Tall Ship

Notes to the Financial Statements for the Year Ended 31 May 2023

7 Analysis of governance and support costs

Governance costs

Unrestricted

Accountancy fees
Accountancy fees
Independent examiner fees
Examination of the financial
statements
Other governance costs		 General
£
851
-
-
851		 Restricted
£
-
2,940
-
2,940		 Total
2023
£
851
2,940
-
3,791		 Total
2022
£
672
2,960
70
3,702

The charity allocates costs direct to activities as far as possible and then it identifies the remaining costs of its support functions. It then identifies those costs which relate to the governance function. Having identified its governance costs, the remaining support costs together with the governance costs are apportioned between the key charitable activities undertaken in the year. The basis for apportionment and the analysis of support and governance costs is set out as follows:

Direct to governance: Independent examination fees, other professional fees and bank charges.

Direct to charitable activities: All other expenditure incurred.

No expenses have been apportioned between the two funds mentioned above.

Restricted funds have been received which allows payment of some governance costs.

8 Net incoming/outgoing resources

Net (outgoing)/incoming resources for the year include:

Depreciation of fixed assets 2023
£
18,368		 2022
£
19,883

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Blyth Tall Ship

Notes to the Financial Statements for the Year Ended 31 May 2023

9 Trustees remuneration and expenses

No trustees, nor any persons connected with them, have received any remuneration from the charity during the year.

No trustees have received any reimbursed expenses or any other benefits from the charity during the year.

10 Independent examiner's remuneration

10 Independent examiner's remuneration
2023 2022
£ £
Examination of the financial statements 2,940 2,960

11 Taxation

The charity is exempt from tax on income and gains falling within Part 11 of Corporation Tax Act 2010 or section 256 of Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.

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Blyth Tall Ship

Notes to the Financial Statements for the Year Ended 31 May 2023

12 Tangible fixed assets

Cost
At 1 June 2022
Additions
At 31 May 2023
Depreciation
At 1 June 2022
Charge for the year
At 31 May 2023
Net book value
At 31 May 2023
At 31 May 2022
13 Debtors
Trade debtors
Prepayments
Accrued income
14 Creditors: amounts falling due within one year
Trade creditors
Accruals		 Plant and
equipment
£
292,672
3,570		 Office
equipment
£
12,497
4,491		 Total
£
305,169
8,061
313,230
170,374
18,368
188,742
124,488
134,795
2022
£
-
1,692
52,670
296,242 16,988
158,671
17,451		 11,703
917
176,122 12,620
120,120 4,368
134,001 794
2023
£
466
4,308
38,764
43,538
2023
£
10,319
6,811
17,130
54,362
2022
£
10,877
6,604
17,481

15 Commitments

Other financial commitments

The total amount of other financial commitments not provided in the financial statements was £7,800 (2022 - £7,200).

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Blyth Tall Ship

Notes to the Financial Statements for the Year Ended 31 May 2023

16 Funds

Unrestricted
General
General fund
Restricted
Northumberland County
Council
Community Foundation -
Provision of NVQ Level 1
Garfield Weston
Foundation
Community Chest
Heritage Lottery Fund -
Traineeship Programme
Blyth Town Council
Samares Investments
Ballinger Trust
Total restricted
Total funds		 Balance at
1 June
2022
£
225,547
2,650
19,310
3,370
265
6,864
-
15,000
-
47,459
273,006		 Incoming
resources
£
75,181
15,000
9,900
20,000
-
174,767
-
15,000
10,000
244,667
319,848		 Resources
expended
£
Other
recognised
gains/(losses)
£
(138,606)
(4,481)
(3,059)
-
(7,817)
-
(8,193)
-
-
-
(177,849)
-
(4,481)
4,481
-
-
(10,000)
-
(211,399)
4,481
(350,005)
-		 Balance at
31 May
2023
£
157,641
14,591
21,393
15,177
265
3,782
-
30,000
-
85,208
242,849

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VirtualSignature Transaction Ref. TL6R-GZ93-Y75Q 27 Feb 2024 14:43:36 GMT (UTC +0) D 2/3 P 21/22

Blyth Tall Ship

Notes to the Financial Statements for the Year Ended 31 May 2023

The specific purposes for which the funds are to be applied are as follows:

The Northumberland County Council fund - represents expenditure to develop museum, archiving work and the covering central costs for the benefit of the community.

The Community Foundation Fund - Provision of NVQ Level 1 fund represents funding received towards the costs of providing NVQ Level 1 in Engineering Operations as well as the costs and associated materials for a new berth.

The Garfield Weston Foundation represents funding received towards the central operating costs of running training, sailing and visitor activities.

'The Ballinger Trust fund is to support the costs of the Williams II vessel for community sailing voyages.

The Community Chest donation is to be spent on the Gansey knitting project for wool, postage, travel and marketing.

The Heritage Lottery fund - Traineeship Programme is funding received to run a programme that results in training 36 people to level 2 NVQ qualifications in Marine Engineering through to April 2021.

Blyth Town Council - Provided funding to support unemployed people to take part in the Round Britain Expedition by covering revenue costs.

Samares Investments grant is for the maintenance, insurance and operating cost of the Williams II.

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VirtualSignature Transaction Ref. TL6R-GZ93-Y75Q 27 Feb 2024 14:43:36 GMT (UTC +0) D 2/3 P 22/22

Blyth Tall Ship

Notes to the Financial Statements for the Year Ended 31 May 2023

17 Analysis of net assets between funds

17 Analysis of net assets between funds
Tangible fixed assets
Net current assets/(liabilities)
Total net assets
Tangible fixed assets
Net current assets/(liabilities)
Total net assets		 Unrestricted
General
£
124,488
33,153
157,641
Unrestricted
General
£
134,795
90,752
225,547		 Restricted
£
-
85,208
85,208
Restricted
£
-
47,459
47,459		 Total funds
£
124,488
118,361
242,849
Total funds
at 31 May
2022
£
134,795
138,211
273,006

18 Related party transactions

During the year the charity made the following related party transactions:

Key Management Personnel

The key management personnel of the charity comprise the trustees, the Chief Executive and the boat builder.

The total benefits invoiced by the key management personnel of the charity were £88,932 (2022 - £87,159). At the balance sheet date the amount due to Key Management Personnel was £5,584 (2022 - £4,367).

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